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Friday, February 29, 2008

Online Forex Trading Software or Offline – Which to Choose?

A lot of folks are turning to full time currency trading as a career switch. Choosing an offline or online forex trading software then becomes an important decision to make. This piece of tool is a must-have in the toolkit of every decent trader since it provides updates about the Forex market, and helps one make prompt trading decisions and strategies.

Even though there are dozens of forex trading platforms, most are categorized either into offline aka desktop or online aka web-based platforms. Both have their pros and cons. While this may be true, people tend to like online forex trading software over their desktop version.

One huge difference between both offline and online applications is the way the software operates. The online forex trading software is web-based. This means that as long as your PC is connected to the internet, the data gets streamed continuously to your computer. On the other hand, the desktop mode requires you to download the software, install it on your computer and store the data on your hard drive. Needless to say, internet connection is also required.

The desktop option does have some limitations compared to its close cousin, the online forex trading software. You can only monitor the market from the computer where the software is installed. You cannot do so on your office computer if it was not installed there. Also, since you are storing all the market data on the hard disk, you may lose it if your drive crashes or is attacked by PC viruses and even hacks. Security can be compromised.

That said, the desktop alternative does offer an advantage over the web-based application. It can operate on all connection speeds. So even if you have a dial-up, you can easily access to all the powerful tracking and trading features. This cannot be said for the web-based application which requires a broadband connection in order to function. The fact is not every country and state has access to broadband. This is why desktop software can be a more attractive option.

You may also be required to work on different computers, or have to travel quite a fair bit in your work. The online forex trading software allows you this flexibility. With your login details, you simply have to find a PC terminal with an internet connection and you can log into the trading platform, monitor the market and conduct your trades.

There is yet another advantage of the web-based software over the desktop option. Since it is running on the main server, there is a higher level of security, a clear uninterrupted access to real-time market statistics and tools, and a rock solid backup system to back up any loss data. With these benefits, it could be better to use an online forex trading software.

See how this powerful online forex trading software is helping traders like you to make accurate buy and sell decisions everyday.

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